Saudi Real Estate Refinance Co., BlackRock to develop Kingdom’s property finance market

The deal was signed by SRC CEO Majid Al-Abduljabbar and General Manager of BlackRock in the Middle and CEO of BlackRock Saudi Arabia Yazeed Al-Mubarak. SPA
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Updated 25 August 2024
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Saudi Real Estate Refinance Co., BlackRock to develop Kingdom’s property finance market

  • Signing came during visit by Saudi Minister of Municipalities and Housing Majid Al-Hogail to New York
  • Kingdom signed deal with K. Hovnanian Homes ME to develop 500,000 housing units in the US

RIYADH: The Saudi real estate finance market will be supported by a deal between a Public Investment Fund subsidiary and US investment giant BlackRock.

The Saudi Real Estate Refinance Co. signed the memorandum of understanding with BlackRock in New York City on Saturday, the Saudi Press Agency reported.

It came during a visit by Saudi Minister of Municipalities and Housing Majid Al-Hogail.

The deal seeks to develop the real estate finance market in Saudi Arabia and increase the share of businesses in the real estate sector capital markets, the SPA said.

The agreement was signed by SRC CEO Majid Fahd Al-Abduljabbar and Yazeed Al-Mubarak, general manager of BlackRock Middle East and CEO of BlackRock Saudi Arabia.

BlackRock President Robert Kapito also attended the signing ceremony.

Al-Hogail is in the US to discuss ways to boost Saudi-US partnerships in urban development, construction, building, and real estate finance.

The ministry signed a separate memorandum of understanding with K. Hovnanian Homes ME to develop 500,000 housing units in the US.

Al-Hogail said the deal came from a belief in the “importance of attracting global expertise to support our journey in the real estate development sector.

“Through this partnership, we aim to benefit from successful experiences and expertise to build more integrated residential communities that are consistent with our continuous efforts to enhance the real estate supply with the highest standards, best practices and technologies, and to meet the aspirations of Saudi families,” he added in a post on his X account.


Closing Bell: Saudi main index slips to close at 11,228 

Updated 15 February 2026
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Closing Bell: Saudi main index slips to close at 11,228 

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64. 

The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.    

On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.    

The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.     

The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.  

Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.   

Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56. 

Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55. 

Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34. 

On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier. 

The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.  

Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent. 

United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent. 

Tas’heel ended the session at SR146.80, down 0.28 percent.